Of course during this period you also need to be fanatical about making sure all your credit cards and bills are paid on time. The last thing you want is a new late payment showing on your file…
Then talk to a broker
When you have saved your deposit up again and the defaults have got older, you need to talk to a mortgage broker.
Some high street lenders say they won’t consider a mortgage with defaults in the past three years. Some won’t lend to you at all with defaults – you need to avoid applying to these lenders. A broker will be able to advise you – at this point though you shouldn’t need to go to a bad credit broker.
Hi. Thank you for getting back to me. I hadn’t visited the property due to Covid 19. I had been living at another address during the pandemic and thought I wouldn’t need to set up a water account until I moved in as no water would be getting used whilst unoccupied. I settled the bill soon as I opened the mail. The default was applied in July and I settled the default this month.
Well you can ask the water company to remove the default as a goodwill gesture. This is worth trying, but you can’t really say it is unfair as you never contacted them to let them know of the situation and, from their point of view, you ignored the letters they sent you.
Is your current mortgage fix ending? But if you want a mortgage from a different lender, talk to a mortgage broker about your situation.
Me and my partner are currently looking to get a mortgage we have an decision in principle with Halifax (who I also bank with )
I have 3 defaults 2 are 4 years old 1 is 5 years old All paid off and full satisfied in 2019 over two years ago we have a 75k deposit and looking to borrow around 225k mortgage , I earn 30k a year before over time bonus and after tax my partner earns 26k a year , I have 2 car loans totalling 12k no other debt
Taking in mind the aip would we still be accepted as I’m unsure if the bank is aware of my defaults which I would guess would come up on there soft credit check?
We do have a broker by the way I’m just really unsure what the chances are here even with a decision in principle
I have 2 defaults, one is 5.5 years old and fully settled, the other is 2.5 years old and there is still a ?2500 balance which I have been paying at ?80 a month.
I am splitting with my Partner and should have around ?90-100k for a deposit when we sell our property. If I am looking for 70% LTV mortgage will this make my chances any better?
My credit rating dropped from 778 to 548 since July, I took out a ?1k Vanquis CC and and a ?1k loan for a holiday. I plan to clear the credit card this month, I didn’t think that it would have such a huge impact on my score, I also plan to settle any outstanding debts when we sell the property.
The loan was from Lendable who I didn’t think were payday lenders however having done some research it seems they aren’t viewed very favourably either.
Why with such large commission payments have you not been able to settle the outstanding default and did you need to take out the credit card and this small loan? What other debts do you have outstanding – car finance? other credit cards?